Daily Price Outlook
* S&P 500 shows a slight bullish bias, trading around 4150 level
* Overcame significant resistance at 4149, indicating bullish momentum
Bullish candlestick pattern on the four-hour timeframe signals strong investor sentiment
* Potential continuation of upward trend towards 4150, with resistance levels at 4180 or 4195
On Thursday, the S&P 500, a leading stock market index, is exhibiting a slight bullish bias, trading around the 4150 level. It has recently surpassed a significant resistance level at 4149, which had been acting as a major hurdle.
Moreover, the formation of a bullish candlestick pattern on the four-hour timeframe indicates a strong bullish sentiment among investors regarding the S&P 500.
Therefore, if the candles continue to close above the 4140 level, it suggests a potential continuation of the upward trend towards the 4150 level, with the next target likely to be around the resistance levels of 4180 or 4195.
Additionally, the 50-day exponential moving average is providing support to the current trend by acting as a support zone around the 4130 level. Furthermore, the RSI and MACD indicators are holding in a bullish zone, further supporting the likelihood of a continued upward trend.
SPX S&P500 - Trade Idea
Entry Price – Buy Above 4149
Stop Loss – 4120
Take Profit – 4196
Risk to Reward – 1 : 1.5
Profit & Loss Per Standard Lot = +$466/ -$296
Profit & Loss Per Micro Lot = +$466/ -$29
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